{"id":76218,"date":"2023-02-27T02:00:24","date_gmt":"2023-02-27T02:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/02\/27\/ev-maker-lucid-group-revenues-rise-32-in-4q-2022\/"},"modified":"2023-02-27T02:00:24","modified_gmt":"2023-02-27T02:00:24","slug":"ev-maker-lucid-group-revenues-rise-32-in-4q-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/02\/27\/ev-maker-lucid-group-revenues-rise-32-in-4q-2022\/","title":{"rendered":"EV maker Lucid Group revenues rise 32% in 4Q 2022"},"content":{"rendered":"

<\/a> Lucid Group reports 32% q-o-q increase in 4Q 2022 revenue but is yet to break <\/strong>even: <\/strong>US-based EV manufacturer Lucid Group reported a 32% q-o-q increase to USD 258 mn in its 4Q 2022 revenue, up from USD 196 mn in 3Q 2022, according to its recent earnings release<\/a>. Lucid\u2019s 4Q 2022 revenue saw a whopping 876% y-o-y increase, up from USD 26.4 mn in 4Q 2021. The company has yet to turn a profit, but reportedly told the Wall Street Journal<\/a> that its losses had narrowed to USD 2.56 bn in 2022, down from USD 4.75 bn in 2021.<\/p>\n

Steady production growth despite general market uncertainty:<\/strong> Lucid produced some 3.5k vehicles in 4Q 2022, compared to 400 in 4Q 2021. Its 2023 vehicle production target stands at 10-14k vehicles \u2014 well up from its 2022 target of 6-7k vehicles, the recent earnings release notes. The 2023 target is \u201c...representative of the degree of uncertainty in the marketplace,\u201d Chief Executive Peter Rawlinson told the news outlet, while Chief Financial Officer Sherry House added that market uncertainty and higher interest rates are impacting consumer purchasing.<\/p>\n

What they said: <\/strong>\u201c2022 was \u201ca challenging year for everyone,\u201d due to \u201cextraordinary supply chain and logistics challenges,\u201d noted Rawlinson in Lucid\u2019s earnings release. Still, Lucid managed to scale every part of its business last year, House is quoted as saying. 2023 will see further growth along with \u201ccomprehensive\u201d cost reduction, she added.<\/p>\n

Background: <\/strong>Saudi Arabia\u2019s sovereign wealth fund PIF invested over USD 1 bn<\/a> in Lucid Motors \u2014 the brand name<\/a> of Lucid Group \u2014 in 2018, to hold a majority stake of over 65% in the firm. The company debuted<\/a> on the Nasdaq in July 2021, after merging with the special-purpose acquisition company (SPAC) Churchill Capital IV. In April 2022 the government of Saudi Arabia signed<\/a> an agreement with Lucid to provide 100k vehicles to the Kingdom and construction of the company\u2019s Saudi Arabia production plant began in May 2022, kickstarting its initiative to have 80% of all EVs produced by Lucid be made<\/a> in Saudi Arabia by 2030, and 155k EVs produced annually in the Kingdom by 2025, Lucid\u2019s Vice President for MENA said. In January, rumors circulated that PIF was eyeing an acquisition<\/a> of the remaining shares.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lucid Group reports 32% q-o-q increase in 4Q 2022 revenue but is yet to break even: US-based EV manufacturer Lucid Group reported a 32% q-o-q increase to USD 258 mn in its 4Q 2022 revenue, up from USD 196 mn in 3Q 2022, according to its recent earnings release. Lucid\u2019s 4Q 2022 revenue saw a […]<\/p>\n","protected":false},"author":1,"featured_media":76219,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[105,11,64,194,293,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseclimate","tag-evs","tag-lucid-motors","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"3c4f3adf-be99-4433-bfe4-037846b97b7d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/712.jpg","photo_position":"above","related_issue":[76205],"teaser":"","voice_url":""},"yoast_head":"\nEV maker Lucid Group revenues rise 32% in 4Q 2022 - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/02\/27\/ev-maker-lucid-group-revenues-rise-32-in-4q-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EV maker Lucid Group revenues rise 32% in 4Q 2022\" \/>\n<meta property=\"og:description\" content=\"Lucid Group reports 32% q-o-q increase in 4Q 2022 revenue but is yet to break even: US-based EV manufacturer Lucid Group reported a 32% q-o-q increase to USD 258 mn in its 4Q 2022 revenue, up from USD 196 mn in 3Q 2022, according to its recent earnings release. 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